Calculate the monthly payment, total interest, and total repayment for a fixed-rate amortizing loan.
Fixed-rate loan payment formula
Each equal monthly payment covers that month’s interest and reduces principal. As the balance falls, more of each payment goes toward principal.
Payment = P × r ÷ [1 − (1 + r)^−n]
What is not included
This result excludes origination fees, insurance, taxes, late charges, changing rates, and early repayment. Those costs can change the effective borrowing cost.
Frequently asked questions
What happens at 0% interest?
The principal is divided equally across the monthly payments.
Does this calculate APR?
No. APR may include eligible fees in addition to interest.
Can I model extra payments?
No. This page models the scheduled fixed payment only.